Wells Fargo quarterly profit rises 6 percent

The restrictions on balance sheet growth will cut its annual profit by $300-$400m this year, Wells Fargo said. Keefe, Bruyette & Woods reiterated a "hold" rating and set a $57.00 price objective on shares of Wells Fargo in a report on Thursday, April 5th. Sanford C. Bernstein upgraded shares of Wells Fargo from a "market perform" rating to an "outperform" rating and raised their target price for the stock from $64.00 to $69.00 in a research report on Wednesday, January 3rd. Citigroup downgraded the shares of WFC in report on Monday, February 5 to "Hold" rating. The $62 Baird price target is less than the consensus target of $63.15.

The big bank reported profit of $1.12 a share beat the average analyst forecast of $1.06. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.88 and a current ratio of 0.90. Monetary Management Group Inc who had been investing in At&T for a number of months, seems to be less bullish one the $228.37 billion market cap company.

Wells Fargo & Co believes the USA government, rather than banks, should set rules to promote gun safety, its finance chief said on Friday. The unit's revenue declined 2 percent sequentially to $4.2 billion due to lower gains on deferred compensation plan investments, lower net interest income and lower transaction revenue. Revenue fell slightly to $21.9 billion, compared with $22.3 billion previous year. Return on assets amounted to 1.26%, while return on equity was 12.37%. EPS growth in past 5 year was 2.40% along with sales growth of 5.20% in the last five years.

For personal guess ROI is usually expressed as a percentage and is typically used for taking any financial decisions, for the objective of comparing a Wells Fargo & Company (NYSE:WFC)'s profitability or to compare the efficiency of different investments, hence, WFC return on investment (ROI) is 9.80%. Current trade price levels places WFC's stock about -20.52% away from the 52-week high and closed 6.96% away from the 52-week low. Stock buyback programs are typically a sign that the company's board of directors believes its shares are undervalued.

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Plath said "the issue of the magnitude of the fines that Wells Fargo faces won't ultimately be settled until the CFPB has a new, permanent director". Institutional investors and hedge funds own 77.33% of the company's stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Although the bull-market run in US stocks has stalled since peaking in late January as investors piled out of highflying names, many more volatile investments have continued to climb.

Other large investors also recently bought and sold shares of the company.

On the wealth management side, Wells Fargo's overall headcount fell to 14,399 from 14,657 from the year-ago period. Weatherstone Capital Management bought a new position in shares of Wells Fargo in the second quarter worth about $230,000. The firm owned 48,573 shares of the financial services provider's stock after buying an additional 12,297 shares during the period.

COPYRIGHT VIOLATION WARNING: This report was originally published by StockNewsTimes and is the property of of StockNewsTimes. Founded in 1929 and headquartered in Minneapolis, USBancorp offers a comprehensive line of banking, investment, brokerage, trust and mortgage services to consumers, businesses and institutions.

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